Commercial building on New Bridge Road up for sale at $80 mil
As the building is a commercial property, foreigners and companies are qualified to acquire with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal.
A conservation business structure at 59 New Bridge Roadway has been put up for sale using an expression of interest (EOI) with a guide cost of $80 million or $4,417 psf, according to exclusive advertising and marketing broker CBRE.
CBRE includes that a number of new and forthcoming projects around are anticipated to more rejuvenate the area, such as the 48-key store luxury hotel at 21 Carpenter Road operated by Design Hotels, the revamped CQ @ Clarke Quay, that underwent a $62 million asset improvement effort.
The property just recently underwent extensive addition and alteration (A&A) functions, according to CBRE. This consisted of a full revamp of the building’s inside and the addition of a six-storey back extension.
Additionally, two upcoming large-scale combined growths are expected to comply with. This consists of CanningHill Piers, which comprises 696 residential units; a retail podium and serviced homes; and Union Square, which is set to include Grade A workplaces; 366 residential units; and co-living homes.
Upon finish of its improvement works, the building now has a complete gross floor surface area (GFA) of around 18,110 sq ft. Functions consist of standard flooring plates, lift access on all floors, and a communal open rooftop terrace.
Bloomsbury Residences floor plan
The five-storey property sits within the Upper Circular Roadway Sanctuary and has double road front view around the junction of New Bridge Road and Hongkong Street. The property has an overall acreage of approximately 4,318 sq ft and is zoned for commercial use with a plot ratio of 4.2 under the URA Master Plan 2019.
The EOI exercise is expected to close on March 20 at 3pm.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, claims: “With the development works recently completed, the subject real estate will certainly also significantly interest owner-occupiers actively securing to develop solid marketing visibility in a prime location for their organization.”
Before this property being offered, the last time a corner shophouse in the location was traded was in mid-2023, claims Lee. The shophouse was negotiated at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth person.
The real estate is located within close vicinity to the core CBD location and rests in between two lifestyle hubs: Boat Quay and Clarke Quay. The structure is also within a two-minute stroll from Clarke Quay MRT Stop and offers accessibility to neighboring food and beverage (F&B) and daily life services.
